Records management risk is always present in an organization because it can create problems. It can also put a company out of business. Records are not just documents that are stored in filing cabinets or file servers. They are anything that is recorded electronically or on paper. This includes all types of information such-as emails, digital photos, video footage, voice recordings, and more fall under this category.
Some of the top poor records management risks include lack of documentation, lack of storage space, high cost of storage space, limited information retrieval, failure to comply to rules and regulations, lack of visibility, limited information retrieval, and accidental deletion of records. Records management risk is the result of many different factors. The most important being inappropriate storage methods and poor record keeping. Records management policy can help an organization become more prepared for how they handle its information.
Federal Records Act
Some companies use the Federal Records Act to help their records management risk. The Act requires that organizations take specifically designated precautions to ensure the proper management of federal records over time. Specifically, if a document is to be kept, it must be housed in an approved file storage system and should be arranged in a specific order with each item clearly referenced. Furthermore, the document should be stored for at least six months. In addition, when a record is not required, no records must be kept, including email correspondence and other electronic communications.
Poor records management or record keeping can result to a number of problems in the workplace including the inability to find information when needed, inability to comply with regulations and laws, and the inability to follow the latest records management trends. One of the most critical records management risks and symptoms is compliance with regulations such as HIPAA. Poor record keeping will result in a breach of these regulations which could be disastrous for the company and its employees.